By FintechOS - March 6, 2024
Navigating Embedded Finance: Profitable Strategies for Credit Unions and Regional Banks
Embedded finance is already shaking up financial services. How can regional banks and credit unions tap into this new opportunity?
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Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
Retail Banking
Retail Banking Overview
Gain new customers by creating experiences and products quickly and easily
Account Opening
Create journeys powering customer acquisition
Personal Lending
Design and launch personalized products quickly to meet customer needs
Mortgage Automation
Build tailored mortgage offers to win new customers
Small Business Banking
Small Business Banking Overview
Grow your small business customer base
Account Opening
Engage and onboard small businesses using frictionless digital journeys
Small Business Lending
Create relevant loan products to meet the specific needs of different business segments
General Insurance
General Insurance
Meet the need for new forms of cover and high-quality digital experiences
Small Business Insurance
Create personalized propositions that meet the unique needs of small businesses
Pet Insurance
Increase share of wallet with cover customers love as much as their pets
Embedded Finance
BNPL and Embedded Lending
Deliver lending products directly to where they are needed
Resource Center
Get insights from the latest customer case studies, whitepapers, webinars, and more
Customer Case Studies
Learn what our global customers are saying about the value of FintechOS
Platform Documentation
Comprehensive documentation for the FintechOS platform including release notes, APIs, and SDKs
CEC Bank, the top universal bank in Romania, has launched a 100% online personal loan offering available through its CEC_IN platform – the virtual store of CEC Bank. Now customers can access personal loans up to the value of 90,000 Lei (€18,487) in just a few minutes from their computer, phone or tablet, without the need to visit the bank.
Within the platform, a number of innovative technologies are used such as automatic data recognition, their automatic retrieval in systems and facial recognition, as well as an automatic analysis and decision module to ensure 100% digital delivery.
“Nowadays, we watch movies online, we shop online, we can order a taxi or book our vacation online. In banking, we need to offer customers an equally good digital experience,” said Bogdan Neacșu, General Manager of CEC Bank. “The launch of online consumer credit follows the launch of online accounts and CEC Bank’s wider process of transformation and modernisation. We plan to bring more banking products and services into the digital arena, with the SME segment our next area of focus,” concluded Neacșu.
In March 2020, Deloitte and FintechOS created and implemented the technical solution for the “Welcome” package, which CEC Bank integrated with its legacy systems. The package could be accessed 100% online and included a current account, a debit card and access to the Mobile Banking service.
That was among the first projects finalized within the strategic partnership with Deloitte for providing solutions for digital transformation and business process automation to financial institutions.
The online personal loan is granted on the basis of a simplified flow that lasts only a few minutes. Here is how it works:
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FintechOS is the global leader in fintech enablement, on a mission to make fintech innovation available to every company. As the world grows increasingly complex, FintechOS strives to simplify and accelerate financial technology so anyone can build, launch, service, and expand new products in weeks, not months or years. The FintechOS platform empowers banks, credit unions, and insurers of any size to grow revenue, lower operating costs, and achieve a faster time to value without dependency on core infrastructure and costly tech talent. Headquartered in New York and London, FintechOS has partnered with some of the world’s best brands, including Groupe Société Générale, Admiral Group, Oney, eMag, Deloitte, EY, and PWC.